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Facebook Announces Pound: Virtual Currency Will Work on WhatsApp and Messenger | Bitcoin and Virtual Currencies

Facebook announced plans to launch the Libra virtual currency and Calibra virtual wallet in 2020. Rumors about cryptocurrency surfaced last month and the social network confirmed the project on Tuesday (18). Libra does not intend to be a competitor of Bitcoin. It is a solution for people who do not have a bank account to make transactions, such as transfers and payments, at affordable and non-abusive rates.

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Digital currency can be managed from Facebook's virtual wallet, Calibra. It will be accessible from a part app and also within Messenger or WhatsApp "just as you send a message or a photo," explains the dedicated website initiative. Facebook has detailed that the portfolio is in the early development process and should be launched with the Pound currency by 2020.

Calibra application work as a virtual wallet Photo: Divulgao / FacebookCalibra application work as a virtual wallet Photo: Divulgao / Facebook

Calibra application work as a virtual wallet Photo: Divulgao / Facebook

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Cryptocurrency is part of a project by the Libra Association, an open source entity that plans to establish a global currency to reinvent money and transform the world economy to improve people's lives. Companies like Uber, eBay, PayPal, Spotify and Visa participate in the institution, with investment estimates of at least $ 10 million in the project each. Facebook, like the other member companies, is affiliated with Libra and will have single voting rights when making decisions ie the social network has no complete power over virtual currency.

Unlike Bitcoin, the Pound is not speculative. The virtual currency has the purpose of being a digital money, with a concrete asset reserve that will be fed by affiliated companies Libra Association.

Calibra technology will allow you to send digital Libra money simply through WhatsApp Photo: Divulgao / FacebookCalibra technology will allow you to send digital Libra money simply through WhatsApp Photo: Divulgao / Facebook

Calibra technology will allow you to send digital Libra money simply through WhatsApp Photo: Divulgao / Facebook

Facebook plans to found a subsidiary called Calibra to manage Libra's banking transactions, so that financial information is separated from user data on the social network. The company promises that online wallet activities will not be used to suggest advertising on Facebook or Instagram, and that it is in contact with privacy experts to launch a safe, private and user-friendly product.

According to Facebook note, the virtual wallet apply the same security and anti-fraud methods used by banks and credit cards. In addition, Calibra has automated systems to monitor user activity and detect cases of suspicious behavior.

The social network plans new features for the wallet in the future, such as one-click bill payment or code scanning purchases. Interested parties can set up email notification to be informed when Calibra is available through the website: calibra

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